The Unlikely Places in London to Buy a £1 Million PenthouseBy
Regeneration made some areas much more attractive for buyers
Developers have built more apartments along the Thames
London’s eight-year housing boom means 1 million pound ($1.3 million) apartments are now being offered in areas historically associated with heavy industry and subsidized worker’s housing.
Telford Homes Plc last week said it had sold three penthouse apartments in once-down-at-heel Stratford, the district that hosted the London 2012 Olympic Games, for more than 1 million pounds. There’s plenty more for buyers to choose from—more than 780 penthouses are on sale in London for more than that amount, according to listings on real estate website Zoopla.
Tax hikes, high prices and economic uncertainty have stymied growth for homes in central London’s most expensive neighborhoods even as government support for first-time buyers boosts values in the city’s outer districts. There are currently 13,600 London homes being offered for more than 1 million pounds on real estate website Rightmove Plc, more than double the 5,348 homes that sold above that level in the city in the first half of the year, according to the Land Registry.
Here are six penthouses in London that are on the market for at least 1 million pounds in places you might not expect.
1) Stratford Central, Stratford: 1.38 million pounds
Just one three-bedroom penthouse remains on offer at Telford Homes’ 31-story Stratford Central project. Spread over two floors, the home has a walk-in shower, an outdoor kitchen and access to a private gym.
2) Borough, Southwark: 1 million pounds
Apartments overlooking the River Thames regularly sell for millions of pounds. Now, the trend is spreading to districts further south. The owners of a two-bedroom, two-bathroom apartment on Sudrey Street, about five minutes walk from Borough underground station, are seeking exactly 1 million pounds. The third-floor property measures 987 square feet (92 square meters).
3) Tottenham Road, Hackney: 1.25 million pounds
The London borough of Hackney, home to some of the city’s most deprived areas, is now beloved by hipsters, creating tension with locals who accuse them of helping to push up home prices. This three-bedroom penthouse occupies the top two floors of a converted Victorian school and is being offered for 1.25 million pounds.
4) Royal Arsenal Riverside, Woolwich: 1.3 million pounds
London homebuilder Berkeley Group Holdings Plc is currently listing five penthouses on the waterfront in the Woolwich district with prices starting at almost 1.3 million pounds for a two-bedroom, two-bathroom duplex that measures 1,014 square feet. London City Airport is less than 15 minutes away by public transport.
5) Miramar Lodge, Hendon: 1.25 million pounds
This large three-bedroom penthouse is part of a gated community in London’s Hendon district, almost eight miles north east of the city center. The 1,536-square-foot home has underfloor heating, access to a communal garden and is being offered by broker Roundtree real estate.
6) Royal Wharf, Silvertown: 1.05 million pounds
Developers Ballymore Properties and Oxley Holdings are currently building about 3,385 homes in London’s Royal Docks, close to the ExCel London exhibition center. Among them is a three-bedroom duplex on the 14th and 15th floors of Latitude House that is being offered for 1.05 million pounds.